Bitcoin Price Prediction: Surges to $68,500 Amid Biden’s Exit and Trump’s Pro-Crypto Stance

Bitcoin bitcoin news
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Crypto Writer
Crypto Writer
Arslan Butt
Author Categories
About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Bitcoin (BTC), the world’s most valuable cryptocurrency, began this week on a bullish note, trading around $67,500 and reaching an intra-day high of $68,418.

The surge is linked to President Joe Biden’s announcement that he will not seek reelection, increasing the chances of pro-crypto candidate Donald Trump winning the election.

This development has positively impacted the Bitcoin price prediction, with the market viewing Trump’s potential return as favorable for the crypto industry.

Bitcoin Price Volatility Amid Biden’s Reelection Decision

Bitcoin’s price fell sharply from $67,450 to $65,880 on Sunday after President Joe Biden unexpectedly announced he would not seek reelection in 2024. This news triggered a sell-off among traders, causing a swift decline in major cryptocurrencies, including Ethereum and Solana.

However, the market quickly rebounded when Biden endorsed Vice President Kamala Harris as the Democratic candidate. Bitcoin surged back up to $68,420, while Solana neared $185. This sudden shift resulted in $159 million in liquidations, with Bitcoin alone accounting for $46 million in losses.

  • Bitcoin fell to $65,880 after Biden’s announcement
  • Rebounded to $68,420 following Harris endorsement
  • $159 million in total liquidations, $46 million from Bitcoin

Bitcoin Surges Past $68,000 Amid Strong ETF Performance and Reduced Supply

Bitcoin surged above $68,000, driven by strong performance from U.S. Bitcoin ETFs, which saw record inflows exceeding $17 billion, boosting investor confidence.

The rally was further bolstered by the conclusion of major sales, such as the German government’s sale of 50,000 BTC, easing market supply pressures.

Additionally, the anticipated launch of Ethereum ETFs and President Biden’s decision not to seek reelection contributed to the upward momentum.

However, potential repayments from the Mt. Gox exchange could still impact Bitcoin’s price in the short term.

  • Bitcoin ETFs in the U.S. attracted over $17 billion
  • German government sale of 50,000 BTC concluded
  • Mt. Gox repayments might affect short-term prices

Musk’s Laser Eyes and Trump Rumors Boost Bitcoin Anticipation Before Conference

Tesla CEO Elon Musk recently updated his X (formerly Twitter) profile picture to feature “laser eyes,” a symbol of bullish Bitcoin sentiment.

This change precedes the Bitcoin 2024 conference in Nashville, where Donald Trump is expected to speak. Rumors suggest Trump might support Bitcoin as a reserve asset if elected, with speculation about a possible U.S. Bitcoin strategic reserve announcement.

The conference organizer hinted at significant news, and experts like Michael Saylor and Scott Melker believe Musk’s profile update could signal important developments for Bitcoin.

Consequently, Musk’s profile change and the upcoming conference may drive Bitcoin’s price higher due to increased investor speculation and potential major announcements.

  • Musk’s “laser eyes” profile picture signals bullish sentiment
  • Trump might support Bitcoin as a reserve asset
  • Speculation about a U.S. Bitcoin strategic reserve announcement

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

More Articles

Price Analysis
Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy?
Arslan Butt
Arslan Butt
2025-02-08 13:22:54
Price Analysis
ETH Price Down 19.1% This Week: Is It Time to Invest?
Arslan Butt
Arslan Butt
2025-02-08 12:39:41
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors